Schoenherr advises NOVOMATIC on sale of majority stake in I-NEW Unified Solutions

In 2013 Schoenherr has advised NOVOMATIC in connection with the acquisition of a majority stake in I-NEW.

The total volume of the transaction amounts to EUR 17.1 million, of which EUR 13.6 million are paid for the acquired shares, and taking over existing bank financing lines. EUR 3.5 million will be paid via an earn-out model depending on the earnings of I-NEW in 2019, 2020, and 2021. A binding purchase agreement was concluded on 10 July 2018, which has already been approved by the Supervisory Board of CYAN. The closing of the transaction takes place on 30 July 2018.

With a turnover of around EUR 2.5 billion in 2017, NOVOMATIC is one of the largest high-tech gaming technology companies worldwide and Europe's undisputed no. 1 in high-tech gaming technology. NOVOMATIC, whose head office is located outside of Vienna, has a presence in 50 countries and exports innovative gaming equipment, system solutions, lottery system solutions and Services to more than 75 countries.

I-NEW has 11 locations on 5 continents, with around 40 Mobile Virtual Network Operators as clients, which serve around 5.5 million end customers. Clients of I-NEW include Virgin Mobile, with its activities in Colombia, Chile, Mexico, and Peru, as well as "Skinny" in New Zealand.

CYAN is a German provider of innovative white-labeled IT security solutions for end customers of telecommunications providers, banks, and insurance companies, as well as gaming and cryptocurrency platforms. In combination with I-NEW's expertise, CYAN is now in a position to offer its clients services across the entire value chain: including platform solutions, data optimisation and cyber security.

The Schoenherr team advising NOVOMATIC was led by Maximilian Lang (counsel; corporate/m&a), who was supported by Sascha Smets (associate; corporate/m&a), and Teresa Waidmann (associate; labour & employment).